What Is the eNaira and How It Works Explained
16 October 2026 - Naira BriefingThe eNaira is Nigeria’s central bank digital currency (CBDC) — a digital form of the naira issued directly by the CBN. It is legal tender like cash, but it lives in a digital wallet, and it is a different thing from the money in your bank app or any cryptocurrency.
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How it works
- Issued by the CBN — a direct digital liability of the central bank.
- Held in a wallet — the eNaira speed wallet or via participating banks.
- Same value as cash — 1 eNaira = 1 naira, always.
What it is for
The eNaira aims to make payments cheaper, reach the unbanked and improve transparency. It is naira, so it does not change the exchange rate or protect against it — for that, the dollar routes still apply. See how it compares to cryptocurrency and mobile money.
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